-LRB- CNN -RRB- -- The New York Times Co. will sell The Boston Globe to sports magnate John W. Henry for $ 70 million , a fraction of the price it paid for the paper two decades ago .

The company paid $ 1.1 billion for the properties . The impending sale to the owner of the Boston Red Sox is for 6.3 % of the price it paid .

Both The Times and The Globe reported the deal Saturday .

Henry 's Fenway Sports Group owns the baseball club , Fenway Park , 80 % of a regional sports television network and the giant Liverpool Football Club in England .

The sale includes the Telegram & Gazette newspaper of Worcester , Massachusetts .

As advertising losses and new reader habits afflicted newspapers nationwide , The Times began looking to shed The Globe and even threatened to close the paper in 2009 amid disputes with unions .

Henry said he would disclose details about his plans for the newspapers soon , The Globe said .

`` This is a thriving , dynamic region that needs a strong , sustainable Boston Globe playing an integral role in the community 's long-term future , '' The Globe quoted Henry as saying .

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New York Times paid $ 1.1 billion for Boston Globe in 1993 , sells for $ 70 million

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Buyer John W. Henry owns baseball 's Boston Red Sox and the Liverpool soccer team

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Sale price reflects newspapers ' advertising and reader losses